Private sector lender, Bank of India has recently announced the launch of a new initiative, Ghar Ghar Mahotsav. With this initiative, the bank aims to take its banking services to the door step of the customers for disbursement of new loans which includes SME, retail, housing and vehicle segments.

2017-09-08 :Bank of India reduces MCLR rates across all tenors

Bank of India has reduced its marginal cost based lending rate (MCLR) across all tenors. For overnight and one month maturities, the rate has been revised to 7.90 per cent and 8 per cent respectively, while for three month maturities the rate has been reduced to 8.10 per cent. However, the bank has made no changes to its 6-month MCLR which currently stands at 8.25 per cent. The new MCLR rates are effective from 10th September, 2017.

2017-08-24 : Bank of India cuts savings rate by 0.5 per cent on deposits up to Rs. 50 lakh

Public sector lender, Bank of India has announced a cut in its savings account interest rate. The rates have been reduced by 0.5 per cent to 3.50 per cent on deposits of up to Rs. 50 lakh. For deposits above Rs. 50 lakh the bank has kept interest rate unchanged at 4 per cent per annum.

2017-08-21 :Bank of India plans to cut savings bank account rate

Taking cues from State Bank of India, Bank of India (BoI) is also planning to cut its savings bank deposit rates not immediately but with an immediate effect. Meanwhile, the bank also plans to further focus on its retail, housing and MSME loans segment.

In a bid to clean up its balance sheet, Public sector lender, Bank of India (BoI) plans to sell bad loans worth Rs. 3,169 crore to the asset reconstruction companies (ARCs). Meanwhile, the lender had also appointed some special situation advisors as their financial advisor to assist with this transaction. Following the move, the bank also targets to focus on further strengthening its loan segment including home loans.

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